Nigerian crude oil exports to edge higher in February

The loading programme of 1.62 million barrels per day (bpd) on 50 cargoes comes despite only three cargoes of Bonga crude being planned, compared with seven in January.Reuters | January 05, 2017, 08:11 IST

LONDON: Nigeria's crude oil exports are on track to edge higher in February, due in part to deferred January cargoes, loading programmes compiled by Reuters showed on Wednesday.

The loading programme of 1.62 million barrels per day (bpd) on 50 cargoes comes despite only three cargoes of Bonga crude being planned, compared with seven in January. Traders said the field has planned maintenance in the second half of the month. Field operator Shell did not immediately respond to a query about maintenance plans.

Much of the gain is from cargoes that were meant to load earlier, with several ExxonMobil-operated crude oil grades having been delayed by a strike by workers in December.

The original export plans for both January and December had been higher than the February programme, but both fell short of the plans because of delays and, in the case of December, the cancellation of Forcados cargoes after attacks on the export pipeline.

If the plan holds at current levels, it will mark the highest bpd exports since November.

“To save the environment and to fight climate change, my government has planned a major campaign. By 2022, we want to generate 175 GW of renewable energy. In the last three years, we have already achieved 60 GW or around one-third of this target,” he said.